The IPL Governing Council met earlier in Mumbai on Thursday to open the bids for the new franchise.

"The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was 69.03 crores," a statement from the BCCI read.

"This Franchise fee represents a premium of over a 100 % above the amount paid by DCHL for the Hyderabad Franchise in 2008," it added.

Chennai-based Sun TV Networks Limited is one of India's biggest television networks with 32 television channels and 45 FM radio stations, primarily catering to an audience in the four southern languages of India. Their network includes channels covering news, entertainment, film, documentary and music.

The BCCI had floated the tenders for a new IPL franchise after terminating Deccan Chargers' contract on September 15, but the team owners DCHL had challenged it in the Bombay high court.

The court ruled in favour of the BCCI after Deccan Chargers Holdings Limited failed to furnish a bank guarantee of Rs 100 crore before the October 12, 1700 IST deadline.

Later, an arbitrator had ordered for status quo, but the court again ruled in favour of the Board.

DCHL then approached the Supreme Court, which, however, on October 19, declined to interfere with the high court's decision to set aside the status quo order passed by the arbitrator.